Hainan Airlines to take over parent's stakes in airlines, hotel units

Hainan Airlines will take over stakes owned by its parent HNA Group in 2 local airlines and 5 other aviation and tourism businesses as part of the conglomerate's asset reorganisation, the company said. HNA's flagship carrier said Saturday it would take controlling stakes in West Air, Guilin Airlines as well as maintenance, repair and overhaul service providers HNA Technic and SR Technics. It will also take control of flight school Hainan Sky Plumage Flight Training, hotel investment and management platform HNA Hospitality Group and an unnamed overseas hotel operator. It did not give financial details of the transactions. Hainan Airlines suspended trading in its shares Jan 10 and later said it was carrying out a "major asset restructuring". It said the trading halt would continue until April 10 as it worked out the deals. <br/>